Litesfxtrade Review – Can you Trust this Broker?

Litesfxtrade Review

Even before the internet, brokers had been vital to the trading process and this hasn’t changed with online trading. You have to find a brokerage to open a trading account and start trading in whatever financial market that appeals to you. Over the years, the trend has picked up because of the convenience it offers and you can find hundreds, if not thousands, of companies offering their services. However, you need to bear in mind that no two platforms are created equal and this Litesfxtrade review can help you see the other side that may exist.

On the surface, most platforms would appear to be extremely professional. As a matter of fact, some go to great lengths to convince traders that they offer comprehensive trading solutions and have attractive features that people find hard to resist. But, you have to understand that it is not just about quality and mediocre brokers. There are some that are downright fraudulent and cannot and should not be trusted at all. Their aim is to steal your hard-earned money and your data and they are up to no good. Therefore, you have to proceed with the utmost caution in order to avoid ending up in a disastrous situation.

You need to look closer at a broker when you are thinking about using their services and only sign up after you have verified their offerings. The same should be done in the case of Litesfxtrade that promises access to more than 4,000 world class instruments, one-click trading features, cheapest commissions, tight spreads, user-friendly yet advanced trading platforms, fast execution and guaranteed safety of your funds. Furthermore, you will find that Litesfxtrade is catering to more than 150,000 and this makes the brokerage sound absolutely fantastic.

Does this mean you should sign up? As mentioned above, you have to dig in to find the truth about Litesfxtrade. It is a good idea because you will find many issues with the broker. Let’s take a look:

It is a virtually anonymous broker

When you decide to open an account with a brokerage, you need to know the company. They will handle your funds and a great deal of your sensitive data, so you have to find out who they are. It is not wise to trust any firm over the internet because we know scams happen and you definitely don’t want to be a victim. Hence, you need to check out Litesfxtrade and get to know the company. Doing so will make it apparent quickly that their website is virtually anonymous.

If you go to the contact section of the Litesfxtrade website, you will find that there is absolutely no information available. They have not provided any corporate information, or any other corporate background for that matter. All you will come across is an email address and an obscure phone number that doesn’t help much because you don’t know anything about the company itself and will not be able to reach them in case something goes wrong.

It does not have a license

One of the best ways to identify if you are dealing with a reputable and authentic brokerage is to check if they have a license to provide their services. Most professional companies will get a license in the jurisdiction they are operating in and since they are legitimate, they don’t have any problem in getting it. In most cases, you will find that scam brokers are unlicensed because this makes it easy for them to just up and disappear and not have to worry about being held accountable for their actions.

If you go through the entire presentation available on the Litesfxtrade website, you will not find even a small mention of any kind of license or authorization. At this point, even if the company offered a post box address, it should still warn you off because they would not be able to offer you the security that a licensed and regulated broker can provide. Yes, Litesfxtrade claims to guarantee fund safety, but since it is unregulated, you cannot take their word for it.

It does not have a trading platform

The primary tool that an online broker offers to you is the trading platform because it connects you to the financial markets and gives you the tools and other features you need for your trading journey. Suffice it to say, it is a crucial feature and you cannot trade in the market without it. As per Litesfxtrade’s claims, they offer you a user-friendly and advanced trading platform and you should take a look to see what capabilities it offers.

You will be in for a surprise when you decide to do so because Litesfxtrade does not appear to have a trading platform at all. Why would an online broker not have a trading platform when it is their primary feature? This essentially shows you that the brokerage is just a sham and has no intention of providing you any kind of trading services, or else they would have added a platform. Professional and reliable brokers usually offer the MT4, MT5, or the cTrader platforms, yet you will not find any of these available here.

It asks for bitcoin payments

Checking the payment methods of a broker is a must because you want to be able to make your deposits and withdrawals easily. You want safe payment options as well as those that you can use without any hassle. A look at the payment options at Litesfxtrade will show that the broker supports only bitcoin payments. This might make it seem like a modern broker, but you have keep in mind that crypto payments are final and permanent. You cannot get them back, as in the case of credit cards where you can file for a chargeback in case something goes wrong.

Conclusion

When you consider the problems with the broker and the gaps in the details, you will come to know that Litesfxtrade is not a broker that can be trusted at all and you should look for a different platform.